6615 Franklin Avenue, Los Angeles, California 90028

$18,195,000

Bedrooms

86

Bathrooms

87

Square Feet

65,746 sqft

City

Los Angeles

Status

Active

With current ownership implementing over $4 million in property improvements over the past five years, this offering allows a new investor to secure a heavily-remodeled asset while also enjoying substantial immediate cash flow. Available at an attractive 6.88% CAP Rate and 9.25 GRM based on in-place income, the property provides an already strong initial return while allowing for future revenue improvement by applying the same interior renovation blueprint to the remaining apartments in order to recapture the rent upside. Included in the property's expansive reimagining are more than $2 million in apartment interior upgrades, a revamped courtyard with a bocce ball court, a revitalized swimming pool with a BBQ area and outdoor bathroom, a new exterior facade, a renovated elevator, new electrical subpanels, plumbing upgrades, and a newly remodeled lobby. The current owner has also installed a RUBS program, allowing a landlord to collect utility reimbursements from tenants as another valuable source of revenue. The buildings feature several electric car charging stations and tankless water heaters, helping to modernize the asset and attract higher-paying residents. The adjacent Whitley Heights and Hollywood Heights feature single-family homes that have sold from $2,500,000 to over $4,000,000 in the past year, conveying the prestige and desirability of the local neighborhood. Because most residents are priced out of this single-family home market, the local rental market experiences a more robust demand, benefitting area apartment owners. Situated just three blocks from the intersection of Hollywood Boulevard and Highland Avenue, the property offers residents convenient access to all of the most famous destinations throughout Hollywood. The Hollywood Bowl is only a half-mile away, while the Ford Theatre, Runyon Canyon, and Griffith Park are all within walking distance as well. Many nearby streets are benefitting from the $8 million "Access to Hollywood" project, which is anticipated to revitalize some of the most popular and heavily-trafficked local corridors.